The People’s Republic of China is a communist party-led state, located in Eastern Asia. The Chinese Communist Party (CPP) dominates the government. The general secretary of the CCP acts as the country’s president and is also the chairman of the Central Military Commission, which controls the armed forces. There is no formal political opposition to the CCP. China is the largest economy in the world (by GDP PPP). It is also the world’s largest exporter and the second-largest importer. Its strong appetite for natural resources make it a very important trading partner (in terms of forex impact) for Australia, Chile, New Zealand, Russia and South Africa. Around 48% of China’s merchandise exports are directed to just three markets (United States, European Union and Hong Kong), but total trade accounts for just 20% of GDP, which is a rather low figure. The central bank, People’s Bank of China (PBoC) has a monetary aggregate target in place and seeks to maintain a stable exchange rate to promote economic growth. Economic weaknesses include: overcapacities in some of the key sectors of the economy (notably, steel), high corporate debt and ageing population.